MADRID — The political gridlock in Spain is getting just a bit silly: two general elections and endless soap-operatic negotiations since December 2015 have yet to produce a stable government among the bickering parties.
No doubt, as Prime Minister Mariano Rajoy searches in vain for a ruling majority, there are real-life ramifications across the country. This week Spanish telecom giant Telefónica revealed in documents for an IPO selloff of Telxius, its infrastructure arm, that Spain's political instability was hurting the company's bottom line.
Now, as El Mundo reports Thursday, all the political heat has apparently struck Telepizza, the Spanish pizza take-out chain. The pizza delivery giant's general manager in Spain, Pablo Juantegui, said growth in pizza orders had "halted" since May 2016, because of consumer "uncertainty and loss of confidence," partly attributable to the legislative paralysis.
Still, such crispy analysis doesn't necessarily jibe with broader signs about Spain's economy. On Tuesday, acting economy minister Luis de Guindos said the economy will expand by more than 3% this year, beating earlier government forecasts.
Sure, no one likes national political gridlock. But both Telepizza and Telefónica should perhaps first take a closer look at how they're stiring their own sauce.